Hyatt Hotels to buy Thompson Miami Beach, rebrand property
Geolo Capital entered into an agreement to sell the 18-story, 380-room hotel
March 23, 2016 06:25PM
Photos of the Thompson Miami Beach
Hyatt Hotels will buy the Thompson Miami Beach and rebrand it as part of its Unbound Collection, the corporation announced on Monday.
Geolo Capital entered into an agreement to sell the 18-story, 380-room property at 4041 Collins Avenue and expects it to close in late April. Hyatt did not disclose a sales price. The hotel will be renamed the Confidante, according to a press release.
The Confidante will have 30 suites, two restaurants, two swimming pools, direct beach access, a rooftop spa, full service salon, a gym, a craft cocktail bar and a tropical garden.
The three-tower hotel was built in 1940, according to property records. The hotel originally opened as the Lord Tarleton Hotel, then in 1955 as the Crown Hotel, and was later converted into a three-tower apartment building.
Geolo Capital paid $85 million for the hotel in 2012, which breaks down to about $224,000 per room. The San Francisco-based company spent $82 million in renovations and reopened the hotel in late 2014 as the Thompson. British interior designer Martin Brudnizki designed the hotel, along with Miami-based landscape architect Raymond Jungles. Currently, restaurants include Seagrape by Miami restaurateur Michelle Bernstein and TALDE Miami Beach, an Asian-American restaurant and bar by “Top Chef” alum Dale Talde.
Other hotels in Hyatt’s Unbound Collection are the Driskill in Austin, Texas; Hotel du Louvre in Paris, France; and the Carmelo Resort & Spa in Uruguay.
In February, Marriott International bought the Edgewater Hotel at 1410 Ocean Drive for $23.5 million. And last year, Chesapeake Lodging Trust paid $278 million for the James Royal Palm, now part of Starwood’s Tribute brand. – Katherine Kallergis
Source: The Real Deal